Career Education Corporation Comments on Gainful Employment Data Provided by U.S. Department of Education
August 16 2010 - 12:30PM
Business Wire
Career Education Corporation (NASDAQ: CECO) commented Monday on
the August 13, 2010 release of U.S. Department of Education (ED)
student loan repayment rates for institutions that receive federal
loans under Title IV of the Higher Education Act. The information
provided on August 13, 2010 relates to the proposed rule changes by
ED seeking to define “gainful employment.”
Career Education is currently analyzing the data released by ED
regarding the company’s institutions. The company intends to work
with ED to gain further clarity on its methodology and, where
possible, obtain access to additional information. The “gainful
employment” rule, as currently proposed, requires repayment rate
information and salary information at a program level to determine
eligibility to provide Title IV loans. Program-level repayment
rates and salary information have not been made available at this
time.
As Career Education has previously communicated publicly, the
information provided on August 13, 2010 combined with analysis from
limited data related to the other parts of the proposed “gainful
employment” test indicates directionally that the Company’s
Culinary and Art and Design segments would be more impacted than
the Health and University segments. The Company will continue to
assess the information available during the coming weeks and will
submit comments on the proposed “gainful employment” rule within
the defined comment period.
ABOUT CAREER EDUCATION CORPORATION
The colleges, schools and universities that are part of the
Career Education Corporation (“CEC”) family offer high-quality
education to a diverse student population of over 104,000 students
across the world in a variety of career-oriented disciplines. The
more than 90 campuses that serve these students are located
throughout the U.S. and in France, Italy, the United Kingdom and
Monaco, and offer doctoral, master’s, bachelor’s and associate
degrees and diploma and certificate programs. Approximately 44% of
our students attend the web-based virtual campuses of American
InterContinental University, Colorado Technical University,
International Academy of Design & Technology and Le Cordon
Bleu College of Culinary Arts.
CEC is an industry leader whose brands are recognized globally.
Those brands include, among others, American InterContinental
University (“AIU”); Brooks Institute; Colorado Technical University
(“CTU”); Harrington College of Design; INSEEC Group (“INSEEC”)
Schools, including the International University of Monaco (“IUM”);
International Academy of Design & Technology (“IADT”);
Istituto Marangoni; Le Cordon Bleu North America (“LCB”); and
Sanford-Brown Institutes and Colleges. Through our schools, CEC is
committed to providing high-quality education, enabling students to
graduate and pursue rewarding careers.
For more information, see CEC’s website at www.careered.com. The
website includes a detailed listing of individual campus locations
and web links to CEC’s colleges, schools, and universities.
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